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Overnight the markets went into a flat drift in anticipation of the outcome of the Trump / Xi meeting at the G20 summit. The currency market the USD stays close to the minima achieved after dovish comments by the Fed's chief on Wednesday. The stock market makes modest profits.

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Gold price reached the recent highs around $1,230 again yesterday but was unable to break above resistance yet. Price is now pulling back once again confirming the importance of the short-term resistance area at $1,230.

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EURUSD: bulls trying to hold the line at around 1.14

Previous:In Wednesday’s US session, the euro jumped sharply against the greenback. The US dollar index collapsed after Fed Chair Jerome Powell’s speech. He said that the key rate is “just below” the neutral level. This surprised investors given that just in early October, Powell had said that the rate is “a long way” from neutral. His remarks have increased speculation that the rate hike trajectory may now slow down.

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On Thursday, the 29th of November, the event of the day is FOMC Meeting Minutes release later during the evening, but before this will happen there are other important data scheduled for release from Germany (Unemployment Change and Unemployment Rate), France (GDP), UK (Net Lending) and Eurozone (Financial Stability Report).

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Gold price bounced strongly yesterday respecting the 61.8% Fibonacci retracement level we noted yesterday. Still with no clear medium-term trend, Gold is still below major resistance levels that if broken upwards could provide a strong bullish signal for a move towards $1,250-60. Bears need to break below yesterday lows in order to regain control of the trend.

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EURUSD: pair poised to drop again

Previous:On Tuesday the 27th of November, the euro lost ground against the dollar. This was brought about by a broadly stronger dollar, which rose on the back of Donald Trumps announced plans to raise tariffs on Chinese goods.

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The stock market in Asia has had a good day, and investors have been encouraged by the words of the economic advisor of the White House Kudlow, according to which it is possible to reach agreement at the Trump / Xi meeting. Just yesterday, President Trump himself said he was "highly unlikely" that the US would not go on with customs. Shanghai Composite is growing 1 percent, and Nikkei225 gained 1.02%.